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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Inheritance Tax rise underlines need for effective planning - August 18, 2016
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Treasury receipts from inheritance tax have increased by 22 per cent in 2015/16 compared to the previous 12 months, to a record £4.7 billion. The rise is mainly due to an increase in house prices in recent years, with critics arguing that a tax initially intended to capture only the rich is now being paid … Continue reading Inheritance Tax rise underlines need for effective planning


Student loan repayment arrangement altered by HMRC - August 15, 2016
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HM Revenue & Customs (HMRC) has announced that it is making changes to the deduction of student loan repayments from employees’ pay with the introduction of two types of student loan. These have been referred to as plan one and plan two and relate to each individual employee’s student loan arrangements. These new changes will … Continue reading Student loan repayment arrangement altered by HMRC


Reminder: Landlord tax relief changes ahead - August 15, 2016
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With the confusion and uncertainty of the last few months it is easy to forget the upcoming changes to the buy-to-let sector. Landlords who own residential properties as a private individual can currently claim income tax relief on the total cost of finance on those properties, such as interest on mortgages and loans. However, under … Continue reading Reminder: Landlord tax relief changes ahead


Are you owed a refund on your Business Rates? - August 15, 2016
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If your business only uses one property and that property has a rateable value of less than £12,000, you may be due a Business Rates refund if you have not already claimed small business rate relief. You may also be eligible for a refund if you have taken on new premises in the past year, … Continue reading Are you owed a refund on your Business Rates?


3,000 serious tax evasion investigations conducted by HMRC in a year - July 13, 2016
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According to the latest figures around 3,000 suspected cases of serious tax evasion were referred by HM Revenue & Customs (HMRC) for specialist investigation for the second year running last year. This is an eight per cent increase in the number of cases handed over to the Revenue’s dedicated evasion referral team by its local … Continue reading 3,000 serious tax evasion investigations conducted by HMRC in a year


Rent a Room limit increased by £3,250 - July 13, 2016
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From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year. The Rent a Room scheme allows owner occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their main home. Automatic exemption from rental income occurs if the gross receipts are … Continue reading Rent a Room limit increased by £3,250


Making Tax Digital will require businesses to use “designated software packages” - July 13, 2016
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The Financial Secretary to the Treasury, David Gauke MP, has confirmed in a letter to the Treasury Select Committee that HM Revenue & Customs plans to require businesses to make quarterly tax returns using “designated software packages” as part of its Making Tax Digital (MTD) initiative. Previously, it was understood that businesses would be able … Continue reading Making Tax Digital will require businesses to use “designated software packages”


Rules changed on Entrepreneurs’ Relief… again - July 13, 2016
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In May we reported concerns that changes to the rules on Entrepreneurs’ Relief would lead to retrospective taxation. The Government now appears to have taken note of these concerns and amended the Finance Bill 2016 to remove the possibility of retrospective taxation – at least in some circumstances. Entrepreneurs’ Relief was introduced by the Treasury … Continue reading Rules changed on Entrepreneurs’ Relief… again


Changes to the rules on Directors’ Loans - June 9, 2016
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The rate of tax on Directors’ Loans increased at the start of the financial year, on 6 April 2016, from 25 per cent to 32.5 per cent of any amount loaned to a shareholder during the previous accounting year, which had not been repaid within nine months of the end of that year. This brought … Continue reading Changes to the rules on Directors’ Loans


Is my email from HMRC really from the Revenue? - June 9, 2016
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This is a question that is often asked of accountants, but how can you spot a fake email purporting to be from HM Revenue & Customs (HMRC)? To help businesses, HMRC has issued new guidance that lays bare some of the techniques used by fraudsters and gives a comprehensive guide on how to tell a … Continue reading Is my email from HMRC really from the Revenue?


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